What is another word for import substitution?
Pronunciation: [ɪmpˈɔːt sˌʌbstɪtjˈuːʃən] (IPA) 
Import substitution refers to the strategy of developing and promoting domestic industries to substitute imported goods. This concept is widely used in economic discussions and has various synonyms that describe the same economic principle. One alternative term is 'domestic substitution', which denotes the same idea of promoting local industries over imported goods. 'Industrialization by import substitution' is another phrase used to depict the same economic strategy. Another synonymous phrase is 'market substitution,' referring to the process of replacing foreign products in the market with locally produced alternatives. In conclusion, these synonyms for import substitution highlight the importance of promoting domestic industries and reducing the dependence on imported goods to achieve sustainable economic growth.
